An apartment building exploded and burst into flames Thursday in New York City’s East Village, injuring at least a dozen people, three of them critically, in what authorities said was a possible gas-related incident. Flames could be seen shooting out of the top of the five-story building at 2nd Ave. and 7th Street, which partially […] Continue reading →
Brent crude oil shot up nearly 6 percent on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, but the benchmark later came off its high near $60 as importers saw no immediate threat to supplies. The strike against Houthi rebels, who have driven the president from Yemen’s capital […] Continue reading →
Just as Wall Street says the U.S. was running out of room to store oil, it turns out there’s another 20 million barrels of empty space. Where? Right at the top of the tanks. A supply glut has dragged U.S. crude for May delivery almost $10 a barrel below contracts a year out. This market […] Continue reading →
Oil prices dropped on Tuesday after activity in China’s factory sector fell to an 11-month low and as Saudi Arabia said its production was close to an all-time high. The flash HSBC/Markit Purchasing Managers’ Index (PMI) dipped to 49.2 in March, below the 50-point level that separates growth in activity from a contraction on a […] Continue reading →
The next big threat to oil prices isn’t from OPEC or Bakken shale. It’s Russian samovars, or teapots. Simple refineries that process crude into fuel oil are scaling back, because when oil prices slump, the government reduces the discount that these refiners — known as teapots to those in the industry — get for exporting […] Continue reading →
The Obama administration on Friday unveiled its first major standards for oil companies that frack on federal lands, including beefed-up safety measures to protect groundwater, prompting industry complaints they will be a barrier to growth. The rules require energy companies to reinforce boreholes and otherwise prevent leakage and provide data on the cocktail of chemicals […] Continue reading →
Iran says it could add a million barrels to daily oil production shortly after a deal to lift sanctions is reached, reclaiming the position of OPEC’s second-largest supplier. While the timing of such a move would be at least months away because the sanctions would be rolled back slowly, industry observers largely agree that the […] Continue reading →
You’ve heard the adage: If something’s too good to be true, it probably is. That’s probably how many felt when gasoline prices collapsed nearly 61 percent from their high last summer to the low in January. Here in the Seattle area, we saw retail prices below $2 a gallon for the first time since the […] Continue reading →
Paul Driessen, Talk about the Norfolk terrier tail wagging the Great Dane. If they are to have any hope of winning their party’s nomination, Republican presidential hopefuls better support ethanol mandates, Hawkeye State politicos told potential candidates at the recent Iowa Agricultural Summit in Des Moines. “Don’t mess with the RFS,” Republican Governor Terry Branstad […] Continue reading →
Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. […] Continue reading →
The derailment of a train in West Virginia that sent flames soaring and at least some of the 3 million gallons of crude oil onboard into a Kanawha River tributary has prompted a renewed call for the approval of the Keystone XL pipeline as a safer alternative to rail transportation. Daniel Kish, an Institute for […] Continue reading →
A train carrying more than 100 tankers of crude oil derailed in southern West Virginia on Monday, sending at least one into the Kanawha River, igniting at least 14 tankers and sparking a house fire, officials said. One person was being treated for potential inhalation issues, but no other injuries were reported, according to a […] Continue reading →
The House of Representatives passed a bill to approve the long-pending Keystone XL pipeline on Wednesday, a measure that will next go to President Barack Obama who has vowed to veto it. The bill passed by at least 270 to 151 in the House of Representatives, with votes still being counted. To pass it only […] Continue reading →
Somewhere Between $30 and $200 a Barrel? The outlook on oil prices is clear: Oil will crash. Unless prices surge. Definitely one or the other. Crude just had the biggest two-week gain in 17 years, but it’s still about 50 percent cheaper than it was in June. The situation is volatile, and forecasts are all […] Continue reading →
Crude oil prices fell on Monday after U.S. unions called a refinery strike and activity in China’s factory sector shrank for the second month in a row, quashing Friday’s bullish mood. At 0938 GMT (4.38 a.m. ET) Brent crude oil futures were down $1.05 at $51.94 a barrel while U.S. crude futures were down $1.13 […] Continue reading →
The U.S. Senate passed a bill on Thursday to approve the long-pending Keystone XL oil pipeline, despite the White House saying earlier in the day that President Barack Obama would veto the measure. The Republican-led Senate passed the bill that would approve TransCanada Corp’s project to carry 800,000 barrels per day of heavy Canadian crude […] Continue reading →